The Colombian stablecoin
that has moved
US$2.28 billion

I was part of the founding team that built COPM at Minteo: a Colombian peso stablecoin. We designed the systems, the workflows and the architecture that moved real money for years.

And here comes the classic engineer's problem: almost none of it can be shown. The code belongs to the company. The dashboards are internal. NDAs exist and are respected.

But there is one huge exception.

The blockchain is public by definition. Every COPM movement was recorded on Polygon and on Celo: verifiable by anyone, forever. It isn't internal information, or code, or intellectual property — it's the public record of what the system did.

So instead of asking you to take my word for it, I audited it. All of it.

A stablecoin is a digital peso: a token that is always worth the same as its reference currency. 1 COPM = 1 Colombian peso, backed by real pesos in a bank.

The system works like a currency exchange booth with two windows:

Between those two windows, tokens move around: payments, settlements between companies, remittances. Every movement — every transfer — is recorded on the blockchain with amount, origin, destination and date. Forever.

This audit read every Transfer of both contracts: 374,829, each one proven by reconciliation on both chains. It also counted 204,864 approvals (exact on Polygon, a lower bound on Celo, whose public endpoint drops part of the log history) and 23 administration events. 579,716 events in total.

No middlemen. No third-party dashboards. No "trust me". The pipeline talks directly to each blockchain through an RPC endpoint — a node's API door — which can be paid or public:

1. Find the contract's birth Binary search over the chain until hitting the exact block where the contract appeared.
2. Download every contract event From that block to the last verified one, in block ranges and with retries. Every event is requested, not just Transfer. Polygon: 241,885 transfers. Celo: 132,944.
3. Put an exact date on every movement Every event carries the timestamp of its block; none is interpolated. That builds the complete daily series.
4. Rebuild the accounting Replaying the events in order: daily volume, mints, redemptions and circulating supply.
5. Verify everything against the live chain Before a stretch is accepted, minted minus burned must equal the contract's totalSupply(), to the wei. Then each holder's balance is checked against balanceOf. And 21 validation rules, with no tolerance, check the result on each chain.

Polygon is where the big operation lives: settlement between companies, large amounts, the bulk of the volume.

$2.27B gross volume in 1,118 days · 241,885 transfers · average ticket ~$9,368

The story has three acts:

Act 1 — the wait. The contract existed for 17 months before crossing 100 transfers in a single day (February 3, 2025). That's how B2B infrastructure scales: not through individual users, but through big integrations. Each new partner is a step, not a slope.

Act 2 — the explosion. November 2025: US$337.1 million in a single month. The highest-volume day was November 24, 2025: $40.6M in 2,597 transfers. 9 of the ten days with the most transfers in history fell between October 2025 and November 2025.

Act 3 — after the peak. Between December 2025 and April 2026, monthly volume ranged from $66.3M to $107.5M. In May 2026 it bounced back to $203.8M, the best month after the peak. The second-highest-volume day in history was May 5, 2026 ($34.0M). The latest complete month, September 2026, closed at $27.8M: 8% of the peak month.

Same token, different movie. On Celo, COPM doesn't move millions per transfer — it moves what people move.

$101 average ticket per transfer · 132,944 transfers · $13.4M total volume

Compare: the average transfer on Polygon moves ~$9,368. On Celo, ~$101. Polygon's ticket is about 93 times Celo's — and that difference isn't noise, it's architecture: Polygon carries institutional settlement; Celo, a profile of small payments and end-user wallets.

And one detail that changes everything: here the takeoff didn't take 17 months. It took 7 weeks. The second chain doesn't start from zero — it inherits the partners, the operation and the use case already proven on the first one.

Seen together, the multi-chain design explains itself: each network serves the use case where it is strongest.

The chart tells the relay: Celo reached its activity peak first (18,491 transfers in January 2025, 4 months after deploy) and Polygon took the baton with the institutional wave that culminated in its peak month, November 2025.

# reproduce everything with your own eyes
git clone https://github.com/juansacdev/copm-onchain-analysis.git
cd copm-onchain-analysis && cp .env.example .env
npm install && npm run audit:all